October 25, 2021 



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 By bluejay

08/02/2012  2:51PM

Is this some kind of joke? The State is now making stock market projections? The problem is the stock analysts for CalPers may be involved and that ALWAYS recently seems to cost State taxpayers far more that the National average of other States. The amount of incompetence from this state is absolutely amazing.

From Reuters:

"The most populous U.S. state’s $91.3 billion budget, signed by Governor Jerry Brown in June, counted on $1.9 billion in income-tax revenue from company insiders such as Chief Executive Officer Mark Zuckerberg exercising options or sell shares, assuming an average price of $35. Facebook, which touched $45 May 18, has averaged $29.49 on the Nasdaq stock market.

“Facebook share prices have fallen far below levels assumed in the state’s revenue projections,” the nonpartisan Legislative Analyst’s Office said yesterday in a report. If “the lower share prices persist through November and December, hundreds of millions of dollars of income-tax revenue assumed in the state budget plan are at risk.”

Facebook low today was $19.82.

The State was looking for an average price of $35????
 By bluejay

07/31/2012  9:19AM

"The key pattern that is always the final warning sign of the collapse of society becomes most-evident within two primary factors:"

1) The Rule of Law

2) The Rise in Taxation

Martin Atmstrong
 By bluejay

07/30/2012  10:10AM

The following is an excerpt from the summer edition of
The Trends Journal published today:

"No! It was much more complex than that. There was
something else that allowed the great German people to
put their lives in the hands of a two-bit freak. A freak that Charlie Chaplin played more convincingly than the man

I’m of talian descent. A long list of who’s who: Michelangelo,
DaVinci, Rossini, Caruso, Puccini, Galileo … what
a history, what a culture! I then asked myself “How could
the Italians allow themselves to be led to destruction by a
two-bit freak like Mussolini? A cartoon character if there
ever was one. What is it that allows people that have the
intellectual capacity to know better to be so obediently led
to slaughter?

Then there is America. No shortage of great people
past and present. How could they let two-bit freaks lead
and destroy them? Clinton, Bush, Cheney, Obama, Romney?
To me it’s all a two-bit freak show. Look around the
world: Blair, Cameron, Rajoy, Netanyahu, Merkel, Monti,
Berlusconi, Sarkozy, Hollande … name your country, pick
your poison: president, prime minister, chancellor … all,
in my eyes, two-bit freaks.
And they’re dangerous. They start wars, kill millions,
destroy nations. They steal your money and give it to their
friends. And with little resistance, and sometimes none
at all, the people let them do it. In fact, not only do the
people let them do it, they argue among themselves why
their freak is better than the other freak. They will get
angry with you if you call their freak a freak. They will
actually fight and die to defend their freaks.


I’ve been haunted by Hitler since I landed in Berlin. What
is it in the human spirit that allows this to happen? And
now it is happening again. Our leaders are leading us to
destruction. And, as in the past, the people are letting
them do it.

“The 1st Great War of the 21st Century” has begun. It’s
happening before our eyes. But no one, neither the media
nor the politicians, is calling it what it is. Instead, they cover each major development or incident as a “one-off,” a singular event unconnected to the others.

Eventually, when history is written, the general perception
will be that this war, as with World Wars I and II, also
began in Europe. Though a gross oversimplification (the
roots of war are widespread), because the European debt
crisis is now center stage in the news, this Trends Journal
is accordingly Euro-centered.
Wars don’t begin with assassinations of Archdukes,
sinking of Lusitanias or bombings of Pearl Harbors.
Those are the flashpoints; the march to war takes years.
For example, follow the time line: The Crash of ’29, The
Great Depression, currency wars, trade wars, all leading
to World War II.

History is now ominously repeating itself. The Panic of
’08, The Great Recession/Depression, currency wars, trade
wars, leading to “The 1st Great War of the 21st Century.”
And, at the core of this war, no matter how it will be
historically engineered, it didn’t start because of repressive regimes, the thirst for democracy, religious strife or
territorial disputes – it all came down to “money, power
and greed.”

— Gerald Celente
 By bluejay

07/30/2012  8:40AM

This is how free passes are handed out for stealing from the public, connections:

July 27, 2012
breitbart.com/Jonathan Weil

"Those wondering why the Department of Justice has refused to go after Jon Corzine for the vaporization of $1.6 billion in MF Global client funds need look no further than the documents uncovered by the Government Accountability Institute that reveal that the now-defunct MF Global was a client of Attorney General Eric Holder and Assistant Attorney General Lanny Breuer’s former law firm, Covington & Burling."

Stealing a candy bar from 7-11 and you go to jail. Stealing $1.6 billion from client's accounts and not a peep out of the local sheriff. I guess all this stealing will have to stop once they have taken the last from "The Giving Tree."
 By bluejay

07/29/2012  4:36PM

The Fed us out of control

David (Stockman): It's policy. If we don't do something about the Fed, if we don't drive the Bernankes and the Dudleys and the Yellens and the rest of these lunatic money-printers out of the Federal Reserve and get it under the control of people who have at least a modicum of sanity, we are just going to bury everybody deeper.

It's unfortunate. The American people are as much a victim of the Fed's massive errors as anything else. People were not prudent when they took on debt at 100% of the peak value of their property at some moment in 2004 and 2005. They were lured into it. But now we're stuck with something that didn't need to happen.

Alex(Daley from Casey Research): The Federal Reserve was founded in 1914, and it saw America through World War I, World War II. It saw America through Vietnam, saw America through the biggest boom in the economic history of the world. Yet now, today, you are calling for the abolishment of the Fed. Wasn't the Fed here the entire time that America was a prosperous, growing, wealthy, technology-driven nation? What's changed?

David: The greatest period of growth in American history was 1870-1914 – the Fed didn't exist. Right after 1870, when we recovered from the Civil War we went back on the gold standard. It worked pretty well. World War I was a catastrophe for the financial system. The Fed financed it, but I don't give them any credit for that, okay? We shouldn't have been in that war. It was a stupid thing to get involved in. But once we got involved in it, the Fed printed money like crazy, it facilitated borrowing, set the groundwork for the boom of the 1920s and the collapse of the 1930s.

Even then though, we had great minds who coped with reality in a pragmatic way in the Fed. Even Marriner Eccles wasn't all that bad. He stood up to Truman in 1951, when Truman wanted to force the Fed to continue to peg interest rates at 2% or 2.5% when inflation was 5%. Then we had William McChesney Martin: brilliant, pragmatic. He wasn't some kind of gold-standard guy in a pure sense, but a pragmatic guy who understood that prosperity had to come out of private productivity, out of investment, out of risk-taking, and the Fed had to be very careful not to allow speculation to start or inflation to get ignited. In 1958, he invented the phrase, "The job of the Fed is to take the punchbowl away." And we had a small recession. Six months after the recession was over he was actually raising the margin rate on the stock-market loans in order to quell speculation, and raising interest rates so that the economy didn't start to inflate again.

Now that was the regime we had until, unfortunately, Lyndon Johnson came along with his "guns and butter," took William McChesney Martin down to the ranch, and beat the hell out of him and forced him to capitulate. But here's the point I would make: In 1960, at the peak of what I call the golden era – the twilight of fiscal and financial discipline – we had $30 billion on the balance sheet of the Fed. It had taken 45 years to build that up. Then, as they began to rapidly expand the balance sheet of the Fed during the inflation of the '70s and the '80s, even then it took us until September 2008 – the Lehman collapse – to get to $900 billion. Had the balance sheet only grown at 3%, which is what the capacity of the economy to grow, I think, really is, it would have been $300 billion, so they were overshooting.

Alex: We're three times where we should be.

David: Where we should have been by the Lehman crisis event. In the next seven weeks, this crazy lunatic who's running the Fed increased the balance sheet of the Fed by $900 billion, in seven weeks. In other words, they expanded the balance sheet of the Fed as rapidly in seven weeks as it had occurred during the first 93 years of its existence. And that's not all, as they say on late night TV: in the next six weeks they added another $900 billion. So in thirteen weeks they tripled the balance sheet of the Fed.
 By bluejay

07/29/2012  3:40PM

A common silver 1964 dime today is worth $1.88. A cupro copper/nickel 1965 dime has about 1 cent of buying power left in it today. A $1,000 purchase of 90% silver pre-1965 dimes, quarters and halves will cost you $20,000 plus.
 By bluejay

07/29/2012  3:12PM

Will gold be enough to save you?

 By bluejay

07/29/2012  9:02AM

Worth the read:

By Martin Armstrong
"Why property taxes will soar, why the risk of civil unrest is rising exponentially and why we will see the rise of a third party."

 By bluejay

07/27/2012  9:38AM

From the Casey Dispatch:

Do you have $500,000 to spare?

That's your household's share of the US national debt, which is fast approaching $16 trillion (actually, that was your share as of January 2010… it's even higher now).

The debt keeps growing because Congress refuses to make the tough choices necessary to get the country on sound fiscal footing. They fear that doing so would cost them their jobs.

They'd much rather create money from nothing and prolong the illusion that everything will be okay. But it won't be okay, as sooner or later the charade will end in an economic collapse for the history books.

In the meantime, our elected officials will do everything possible to delay the inevitable. They will continue to raise taxes, debase paper money, and meddle in the marketplace.

This is happening all over the world, creating centrally planned economies that bear no resemblance to free markets.
 By bluejay

07/26/2012  7:03PM

Another increasing example of why gold coins and bullion is the liquid and safe place to be.

Still Think That Money Market Fund Is “Cash”?
by JOHN RUBINO on JULY 21, 2012

When investors decide to close out their riskier positions and move into “cash”, they don’t actually go to the bank and get a stack of twenties. Most just sell their stocks and let their broker sweep the proceeds into a money market fund which, they assume, is the same thing as cash because it holds high-quality short-term commercial paper that almost never defaults.

That pleasant assumption breaks down as soon as you look at a typical money market fund’s holdings and see that it owns, among other disturbing things, a lot of European bank debt.

But at least you can get your money out with a mouse click, right?

Well, maybe not. Apparently the Fed, cognizant of the potential weakness of the money fund system, is considering withdrawal limits:

Fed Eyes Limiting Money-Market Fund Withdrawals

NEW YORK–The Federal Reserve Bank of New York said it supports limiting some types of money-market fund withdrawals in a bid to protect those funds from suffering the equivalent of a bank run.
 By bluejay

07/26/2012  9:52AM

Phil Gramm didn't know what he was talking about in 1999 and, certainly, is full of horse-pucky now. Phil it would appear has been sucking off the banker's tit for decades.

 By bluejay

07/25/2012  9:44PM

From Kitco Commentary:

When athletes receive a gold medal at the Summer Olympics, only 1.34 percent of it will contain actual gold. The rest is comprised of 93 percent silver and 6 percent copper, according to CNNMoney. In fact, solid gold medals have not been issued since the 1912 Olympic games in Sweden.
 By bluejay

07/25/2012  9:22AM

There appears to be a change in the tide with bankers being arrested in Ireland and Libor arrests pending.

 By David I

07/24/2012  11:32PM

I have very little concern for the GPS milage tax scheme being talked about. Any tax has to pass the vote by a 2/3ds majority of the public. With the sentiment of the people, believing we are all ready over taxed, this bill will end up on the scrape heap of wasted legislative time.
 By bluejay

07/22/2012  8:52PM

The Boat of Irresponsibility Has Many Passengers

Governments preach austerity, discipline, and imply irresponsibility as the cause of the growing debt problem. The headings suggest that regulation designed to save the public from themselves, a combination of more and better, is the answer to prevent the next crisis. Amid the flurry of election-year finger pointing, few seem to recognize that governments, the ultimate regulators, stand shoulder to shoulder with the public on the boat of fiscal/financial irresponsibility (chart). This is why the public has begun to ask ‘who’s going to regulate the regulators’ with increasing frequency.

The chart is available at jsmineset.com.
 By bluejay

07/22/2012  5:53PM

Jim Sinclair’s Commentary

This is for real. Where do we find these geniuses we elect to office?

California Proposes Tax On Driving GPS devices would record mileage and charge drivers accordingly.

Will they be charging us next for our trips to the bathroom?

The full story is from a July 19th entry at jsmineset.

Forgot to mention last week Calpers is stating their return is down to 1% versus their projections of in the 7% neighborhood which means....California taxpayers will have to make up the difference to those receiving these Calif. pensions. The fact is the people making economic projections for the State are totally incompetent and we all have to pay for their failings. Who will bail us out?

Everyone will continue to pay dearly for living in the Golden State because the powers in charge in Sacramento have totally messed up and now they will be taxing us to death for their constant financial shortcomings.

The Jerry Brown proposed rail system from Los Angeles to San Francisco may be the last nail in the coffin for all of us. The increasing picking of your pockets will only get worse.
 By bluejay

07/21/2012  11:28AM

"The last duty of a central banker is to tell the public the truth."

–Federal Reserve Board Vice Chairman Alan Blinder (retired)
 By bluejay

07/21/2012  10:59AM

The following was included in this morning's International Forecaster:

TSA Let 25 Illegal Aliens Attend Flight School Owned by Illegal Alien

Discovery of the trouble at the flight school began when local police--not federal authorities--pulled over the owner of the school on a traffic violation and were able to determine that he was an illegal alien.

 By bluejay

07/19/2012  9:06AM

The banksters are a pack of whores

 By bluejay

07/19/2012  9:06AM

The banksters are a pack of whores


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